What is that the business owner cannot be legally forced to use their personal money/possessions to pay the debt of their business.
100
This is often the cheapest type of liability to purchase for a single owner- because it offers unlimited liability.
What is "Sole Proprietorship"
100
McDonald's is an example of a "___________".
What is Franchise
100
Each share in a corporation may earn its owner a(n) _____, which is a portion of the corporation's profit.
What is Dividend
100
What grades does RM Prep teach?
What is kindergarten through 12.
200
In a general partnership, all partners have _________ liability
What is unlimited.
200
A corporation is legally defined as a type of business ownership in which the business itself is considered a type of "______" under the law, and _______ liability is granted to the business owner.
What is "person" and "limited"
200
Farming is like which most type of business?
Wholesale, manufacturing, extraction, or service
What is Manufacturing
200
Employees are supposed to have a Tax ID number and an...
What is EIN (employee identification number)
200
What year did Rocky Mount Prep open?
What is 1997
300
When a business owner is legally bound to pay the debts of their business having to use their own money and/or possessions.
What is Unlimited Liability
300
Mining and drilling are examples of this type of business
What is extraction
300
A retailer.... (does what?)
What is sells products directly to consumers.
300
This type of business is also known for being:
-middle men
-go-betweens
-distributers
What is Wholesaler
300
We are considered a "school of _______."
What is Choice.
400
In a limited partnership, it is structured that at least one partner..........
What is has limited liability, but the other partner has no say in the company's day-to-day operation, but are only the investors.
400
Members who:
1)buy the goods of the business
2)are employed by the business
3)use the services of the business
are all part of what type of ownership....
What is a cooperative
400
A __________ buys goods in large quantities and then resells them to retailers.
What is wholesaler
400
The profits of a nonprofit organization go directly to the donors. (True/False) If false, who do they go to?
What is False. They go to whatever organization the nonprofit is raising money for (the good of society).
400
What was the name of the hurricane that flooded the school really badly in 1999?
What is Hurricane Floyd.
500
A business owners _________ is his or her legal obligation to use personal assets to pay of the debts of their business.
What is Liability
500
Corporations are easier to set up than sole proprietorship's.
What is False
500
Give an example of a service business.
You provide example
500
Correctly define what a "Corporation" is.
What is "legally defined as a type of business ownership in which the business itself is considered a "person" or an "entity" under the law.